Carrying on from the last three quarters of 2009, the pace of our life business in Q1 2010 was much brisker than the market as a whole. This is particularly the case for the AFER Group policy.
- Increase of 26% in new life, savings and pensions business to €1.5 billion at 31 March 2010 (31 March 2009: €41.2 billion), outstripping the market as a whole which grew by 16%.
- New life, savings and pensions business, based on PVNBP1, up 25% to €1.7 billion at 31 March 2010 (31 March 2009: €1.4 billion), with record AFER growth of 56% to €974 million at 31 March 2010 (31 March 2009: €623 million), largely thanks to the success of the euro products.
"Carrying on from the last three quarters of 2009, the pace of our life business in Q1 2010 was much brisker than the market as a whole. This is particularly the case for the AFER Group policy. Premium income from this policy reached a historic level, reflecting members' trust in this original partnership that has performed solidly for 34 years.
"These successes are also the result of the dynamism of the AFER distributors. Although the growth of the AFER contract in the first quarter is exceptional, it must be measured against the first quarter of 2009, when a 14% fall was recorded. In view of the profile for 2009, this level of growth could drop off in the coming quarters.
"What's more, within the framework of our partnerships, we have also recently had the great satisfaction, shared with Crédit du Nord, of issuing our 300,000th Antarius policy since 2004. Finally, the Aviva Group has announced that at 31 March 2010 it had a large solvency surplus of £4.4 billion," explained Jean-Pierre Menanteau, CEO of Aviva France.
-ends-
1 These results are based on the PVNBP (present value of new business premiums), the current value according to the EEV (European embedded value) principles applied by the CFO Forum.
Press contacts:
Estelle Joubert (Aviva)
Telephone: +33 (0)1 7662 5786
E-mail: estelle_joubert@aviva.fr
Dominique Eluau (Aviva)
Telephone: +33 (0)1 7662 6719
E-mail: dominique_eluau@aviva.fr
Valérie Dudoit (HDL Communication)
Telephone: +33 (1)0 5865 2016
E-mail: vdudoit@hdlcom.com
Notes to editors:
About Aviva
Aviva is the world's fifth-largest insurance group*, with more than 53 million customers throughout Europe, North America and the Asia Pacific region. Aviva’s principal business activities are: life insurance and long-term savings, fund management and general insurance.
At 31 December 2009, Aviva had turnover of €51.3 billion, with €426 billion of assets under management. Aviva is the largest insurer in the UK and one of the main providers of life insurance and pension products in Europe. A selection of images as well as all the press releases and product information from the Aviva Group are available in the press area www.aviva.com/media. Videos can be downloaded from /media/b-roll-library/. Follow Aviva on Twitter: www.twitter.com/avivaplc.
With more than 180 years’ experience in France, Aviva is among the top ten players in the insurance market. Aviva France operates a balanced multi-distribution model based on a comprehensive range of products, mainly intended for individuals and SMEs.
Some 900 general agents, 1,800 branch staff, 400 life insurance advisers, almost 900 wealth management advisers (Union Financière de France) and more than 1,000 active partner brokers are at the service of 3 million clients every day. Aviva has developed unique expertise in building effective partnerships for the benefit of its clients, particularly with AFER, the largest savings association in France, and the Crédit du Nord, Société Générale and Ford groups.
Specialising in unit-linked products, Aviva is recognised for the excellent performance of its long-term funds, the quality and innovation of its products, and solid commitment to its customers through its Good Advice approach.
Aviva France is a socially responsible company and has developed initiatives that include reducing and neutralising its CO2 emissions, supporting more than 250 projects to help children and the elderly through the Aviva Foundation, and implementing an acclaimed diversity policy. The Aviva Group directly employs more than 4,700 staff in France.
At 31 December 2009, Aviva France reported consolidated sales of €6.7 billion and an IFRS-based net profit of €390 million. At 31 December 2009, the company managed assets worth €77.4 billion.
* Based on gross worldwide premiums at 31 December 2008.